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Technical Analysis EURUSD : 2021-02-24

Recommendation for EUR/USD:

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Strong SellSellNeutralBuyStrong Buy

Above 1.2179

Buy Stop

Below 1.2133

Stop Loss

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Senior Analytical Expert
Articles 1812
RSI Neutral
Donchian Channel Neutral
Fractals Buy
Parabolic SAR Sell
MA(200) Buy

Chart Analysis

IFC Markets Tech Analysis

The EURUSD technical analysis of the price chart on 1-hour timeframe shows EURUSD: H1 is rebounding above the 200-period moving average MA(200) which is declining. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 1.2179. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 1.2133. After placing the order, the stop loss is to be moved to the next fractal low indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Fundamental Analysis

Germany’s gross domestic product for Q4 rose. Will the EURUSD rebound continue?

Germany’s gross domestic product for Q4 rose: the German statistics department Destatis reported the final reading for German Q4 GDP was confirmed at 0.3% over quarter instead of the 0.1% reported in the first release of 29 January 2021. This is bullish for EURUSD.

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